Distribution territories: $20.00, $25.00, $30.00
Accumulation territories: $$7.00, $5.00, $3.00
In spite of a notable and significant decline in the value of EOS this week, its trend still looks bullish. The bulls lost strength against the bears on May 21 but now, the price seems to be reversing against the bears. A significant bullish Japanese candlestick was formed on May 24, and there has been no strong move against the bullish candlestick.
The 13-day SMA has only moved southward to touch the 50-day SMA from the top. EOS has been traded closely towards the point in which both SMAs met. The Stochastic Oscillators have dipped into the oversold zone, and they are now pointing northwards below range 20. Any further possible southward movements in the price of EOS can lead to panic sales of the asset, and are likely to be fake.
The bulls are now believed to be gaining more catalysts in the market to support their upward stride. Traders can still probably follow the current selling move if the price action tends to fall, but should apply the proper money management rules.